Quantity Unit Cost $ 80 20 Date Item May 1 Balance May 6 Sale on account May 8 Purchase May 17 Sale on account May 29 Sale on account $ 86 9 15 15 3 - 1. Prepare a perpetual inventory record for the rackets using the LIFO costing system. Then identify the cost of the ending inventory and cost of goods sold for the month. (sales price is still $140 each) Date Purchases Quantity Unit Cost Total Cost Cost of Goods Sold Quantity Unit Total Cost Cost Inventory Balance Quantity Unit Total Cost Cost 15 86 1,290 11 $80 $880 Totals 15 27 8 (concept check: Beg. Bal + Total Purchases - Cost of Goods Sold = Ending Inventory)